(1) Sending, on behalf of another person, dematerialised instructions relating to a security or a contractually based investment is a specified kind of activity, where those instructions are sent by means of a relevant system within the meaning of the 2001 Regulations.
(2) Causing dematerialised instructions relating to a security or a contractually based investment to be sent on behalf of another person by means of such a system is also a specified kind of activity where the person causing them to be sent is a system-participant.
(a) "the 2001 Regulations" means the Uncertificated Securities Regulations 2001 [S.I. 2001/3755.]; and
(b) "dematerialised instruction", "settlement bank" and "system-participant" have the meaning given by regulation 3 of the 2001 Regulations.